(Bloomberg) -- CK Infrastructure Holdings Ltd. is evaluating options for Eversholt Rail, including a possible sale that may value the British rolling stock company at as much as £4 billion ($4.9 billion), people with knowledge of the matter said.

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Hong Kong-listed CKI is working with Rothschild & Co. on a review of the business, the people said, asking not to be identified because the information is private. The asset could attract infrastructure investors as well as sovereign wealth funds and pension funds, one of the people said.

Deliberations are at an early stage and CKI may decide against a deal, the people said. A representative for Rothschild declined to comment, while Eversholt and CKI, backed by tycoon Victor Li, couldn’t provide immediate comment.

A sale would mark a reduction of CKI’s exposure to the UK, where it completed a second listing in August and which is its biggest market, accounting for about 36% of its net income in 2023. CKI’s other major investments include UK Power Networks, Northern Gas Networks, Northumbrian Water and Phoenix Energy.

CKI’s London-traded shares have been little changed since the listing.

Founded in 1994 as part of the privatization of British Rail, Eversholt is one of three major rolling stock leasing companies in the UK. It leases regional, commuter and high-speed passenger trains on long-term contracts. A consortium led by CKI acquired it in 2015 at an enterprise value of £2.5 billion.

Eversholt’s portfolio includes 19 passenger fleets as well as freight locomotives, according to its website. The passenger fleet comprises of 2,715 vehicles, more than half of which are electric-powered.

--With assistance from Shirley Zhao.

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